Is It Time to Buy Bitcoin Experts Weigh Opportunities After Market Crash

CoinDesk Report:
Over the past few days, the cryptocurrency market has plummeted by 15%, with over $350 million exiting the sector.
As bearish sentiment returned, monthly support levels have been breached, dragging crypto assets to their lowest point since late February.
However, a 28% market correction is not unprecedented and occurs several times in each market cycle.
Crypto Corrections Normal
Adam Back, a pioneer in cryptocurrencies and Bitcoin, noted approximately six 30% declines during previous bull markets.
“In fact, if anything, the recent downturn seems less severe, but people forget the normal bull market pattern,” he cautioned against panic selling.
Reminder, shrinkage. There were half a dozen -30% declines before. Our unemployment rate is about -26% (formerly -27%). In fact, if anything is different, the recent decline doesn’t seem so deep, but people forget the normal bull market pattern. Don’t panic, buy the dip. Or with… pic.twitter.com/vBOjFN1TOn-Adam Back (@adam3us) buy some $CMSTR July 5, 2024
Analyst Rekt Capital observed, “History repeats itself as we speak.” He added that if patterns repeat, “Bitcoin could peak in mid-September or mid-October 2025.”
He suggested that such adjustments are necessary for the market cycle to resynchronize with historical patterns.
“The longer Bitcoin consolidates post-halving, the better for realigning the current cycle with traditional halving cycles.”
Charles Edwards, founder of Capriole Funds, commented that this market adjustment was due “long ago” after “Bitcoin set its longest winning streak in history.”
Analyst and trader “il Capo Of Crypto” told his 859,000 followers on X, “When many panic and sell, I think bearish/selling is inappropriate. It’s time to scale back and stay calm.”
Huge Opportunities
Cryptocurrency analyst Miles Deutscher remarked, “This is one of the clearest long-term setups I’ve seen.”
He acknowledged short-term selling pressure from Mt. Gox redemptions and government asset sales in Germany.
However, he also noted some long-term bullish factors, such as institutional purchases through Bitcoin and Ethereum ETFs, the upcoming U.S. elections potentially altering the cryptocurrency landscape, and FTX’s $16 billion payout to clients.
“It feels like a huge opportunity,” he said.
Reflectivity Research co-founder Will Clemente added that seasonality towards year-end and elections could favor cryptocurrency liquidity. He added, “The market will no longer suffer from the major supply overhang that has dominated for years.” He referred to redemptions from bankrupt exchanges and government sales.
The other side of the panic surrounding Gox/Germany/Silk Road BTC listing, at the end of Q3/Q4, seasonal, election, and liquidity increases will no longer have the major supply issues that have plagued the cryptocurrency market for years. – Will (@WClementeIII) July 5, 2024
On July 5, Bitcoin pioneer Samson Mow posted on X that there was no need for panic as selling pressure could be disregarded.
“The greatest pain is weak hands selling their Bitcoin now, with a prolonged wave of sales expected from Gox and Germany, but the selling pressure is minimal.”
The cryptocurrency market has declined by 15% so far this month, with total capitalization falling to just over $2 trillion, marking a new four-and-a-half-month low.